There are quite a number of things you must do in the process of filing a bankruptcy case. The following four actions are mandatory and failure to comply may negatively impact on your case. If you are unsure about what you should and should not do prior to filing for bankruptcy and throughout your case, speaking to an experienced bankruptcy lawyer is recommended.
90 Days before Bankruptcy
For Chapter 7 bankruptcy or Chapter 13 bankruptcy, you must reside in the district in which you intend to file for at least 90 days prior to filing. Some payments made to creditors within the 90 day period prior to fling abankruptcy may be considered to be a preference. Such payments may be recovered from the creditor by the trustee in some circumstances.
14 Days after Bankruptcy is Filed
You have a duty to file all financial information with the court. This action is required within 14 days after the case file date. The court requires information on assets, liabilities, income and expenses, as well as a statement of your financial affairs. Compiling the details that the court requires can be complicated so you should consider hiring a bankruptcy lawyer to help you. In most cases, the required statements and schedules are filed with the court on the day of filing.
30 Days after your Case is Filed
A statement of intention is required within 30 days of filing your Chapter 7 case. The statement of intention informs the court of your decision regarding the retention or surrender of property. Your options for retaining property include paying back the debts or paying market value for property you wish to keep. Chapter 13 bankruptcy involves making the first payment towards your repayment plan within 30 days of filing.
Consult a Bankruptcy Lawyer
It is important to remember that creditors have protections in bankruptcy. If a debtor fails to fulfill the necessary requirements to qualify for bankruptcy, whether through intent or omission, the bankruptcy court may dismiss the case. The bankruptcy process is complex and there are individualized requirements for each individual, corporation or partnership. To help ensure that the process goes smoothly, you should consult with an experienced lawyer in Georgia who understands the bankruptcy court proceeding.
H. Lehman Franklin P.C. offers excellence in guidance and representation to clients facing bankruptcy in Georgia. We have the experience necessary to support you throughout the process, from initial filing to attending any necessary court proceeding related to your case. Our legal team provides tailored consultation for individuals and businesses that are considering filing for Chapter 7, Chapter 11, Chapter 12, or Chapter 13 bankruptcy. Before you file for bankruptcy in the state of Georgia, reach out to H. Lehman Franklin P.C. at our offices for further advice on what you need to do. We can be reached by phone on 912-764-9616 or email email@example.com today for a no-obligation consultation.